Fidelity Select Brokerage and Investment Management Portfolio

Fidelity Select Brokerage and Investment Management Portfolio is a mutual fund that primarily seeks capital appreciation by investing at least 80% of its assets in companies engaged in the brokerage, investment banking, and financial management sectors. The fund is classified as non-diversified, allowing it to concentrate larger portions of assets in fewer issuers compared to diversified funds, which can lead to higher potential returns but also increased risk exposure. Its portfolio consists mainly of U.S.-based equity holdings from financial services firms, including prominent companies such as Moody’s Corporation, S&P Global, KKR & Co, Ares Management, and BlackRock, among others. With an expense ratio that places it among the lower-cost options in its category, the fund offers investors targeted exposure to a key segment of the financial industry. Through a focus on firms central to the functioning of capital markets and investment infrastructure, this portfolio plays a distinctive role in providing sector-specific access within the broader U.S. equity market.